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21 Feb 2020 18:06:00
Management Discussion and Analysis Yearly Ending 31 Dec 2019
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                Management Discussion and Analysis

Company name                             : MFC PATONG HERITAGE PROPERTY FUND
Year                                     : 2019
Quarter                                  : Yearly
Ending                                   : 31-Dec-2019
Note                                     :
Ref: MFC PT. 007/2020

February 21, 2020
Director and Manager    
The Stock Exchange of Thailand
Dear Sir,

Re: Clarification for the change of Fund's performance over 20%

MFC Asset Management Public Company Limited, as the Management Company of MFC 
Patong Heritage Property Fund (M-PAT) ("the Fund"), would like to offer an
explanation for the change of the Fund's performance for year ended 31 December
2019 over 20% from  the same period last year as follows;

For year 2019, the Fund had net loss from investments of Baht 182.26 million, 
decreasing from a net gain on investment of Baht 79.07 million in the same
period last year, or a decrease of 330.50%. The main reason was due to the

- During year 2019, the Fund has revalued the fair value of property due to the 
change of new lease agreement according to the appraisal report date 1 September
2019, as a result, the Fund has recognized an unrealized loss on properties
revaluation of Baht 219.0 million.

- For year 2019, the Fund had total revenue of Baht 43.17 million, compared with
Baht 87.86 million from the same period last year, or a decrease of 50.86%
because of the end of lease agreement of the Fund on 11 June 2019 and applicable
of the 3 months extension lease agreement with the rental rate according to
hotel performance. Furthermore, the Fund has entered new lease agreement for the
period of 1 year commencing from September 1 2018 to August 31,2019 with the
rental rates consist the mixture of fix rental rate and variable rental rate
according to hotel performance resulted in a decrease in rental revenue.

- The Fund's expenses was Baht 6.45 million compared with Baht 5.76 million in 
the same period last year, or a decrease of 11.94%.

Kindly be informed accordingly.

Yours faithfully,

(Ms. Natree Panassutrakorn)
Executive Vice President

REIT, Property and Infrastructure Fund Department
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